Invitation to a public hearing on the guidelines for greater supervisory co-operation

09 September 2005

CEBS will hold a public hearing on its proposals on the guidelines for greater supervisory cooperation between consolidating supervisors and host supervisors CP09 on Wednesday 5 October, starting at 1.30 pm. The hearing will be held at CEBS' offices in London. The hearing is open to all market participants, end-users and other interested parties.

There will be a number of presentations from CEBS on the main issues in the consultation paper, followed by a question and answer session and open discussion.

Anyone wishing to attend the hearing should register in advance by filling the following form and returning it as detailed below. Please note that for security purposes, CEBS cannot accept anyone who has not registered by the given deadline.

Lamfalussy chairs address the Ecofin Council meeting on progress and opportunities for better regulation

11 October 2005

The Chairs of the three Level 3 Lamfalussy Committees, The Committee of European Banking Supervisors (CEBS), the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) and the Committee of European Securities Regulators (CESR) were invited to address the ECOFIN Council meeting on 11 October 2005, on progress and opportunities for better financial regulation.

Henrik Bjerre-Nielsen, CEIOPS' Chair, launched the joint presentation by the Chairs and spoke on risk based supervision. He referred to the three Committees' commitment to the Lamfalussy model, their objectives and pragmatic targets, and some of the challenges, for CEIOPS demonstrated by its Solvency II project.

CESR's Chair, Arthur Docters van Leeuwen, followed with comments on streamlining the supervisory process. After mentioning the core objectives of financial supervision in the context of the day to day application of the Financial Services Action Plan (FSAP), he detailed some further practical steps which must be taken for supervisory cooperation and supervisory convergence to be effective. In particular, the need for equivalent powers and appropriate resources to be given in order to develop EU-wide IT tools.

José María Roldán, CEBS' Chair, concluded with an address on common approaches to regulatory reporting. He covered existing problems and specific work in hand to ease administrative burdens, particularly of cross-border banking groups. 

CEBS comments fair value option

27 September 2005

to add: pdf press/27102005.pdf

CEBS publishes supplemantary note for cunsultation on the recognition of external credit assessment institutions

01 November 2005

CEBS is publishing a supplementary note to its Consultation Paper on the recognition of external credit assessment institutions - ECAIs - published in June 2005. As noted in the paper, additional work was conducted and the supplementary note sets out further details on CEBS' work on the use of ECAI credit assessments for securitisations and collective investment undertakings.

The consultation period is one month and will run until 30 November 2005. Comments received will be published on the CEBS website unless respondents request otherwise.

The Consultation Paper on the recognition of ECAIs (CP07) proposed a 'joint assessment process' for the recognition of ECAIs, a common understanding of the recognition criteria set out in the Capital Requirements Directive (CRD), and a common approach to 'mapping' the credit assessments of recognised ECAIs to the credit quality steps in the CRD. The consultation period ended in September. CEBS is currently analysing the responses.

CEBS intends to approve the final guidelines on the recognition of ECAIs at its meeting in January 2006. These guidelines will be based on the contents of CP07 and of the Consultation Note published today appropriately amended in light of comments received. Therefore, feedback on the responses received on the supplementary note will be published as part of the overall consultation feedback. This timeframe will permit competent authorities to commence the informal recognition process in line with those final guidelines soon after they have been published, by the beginning of February 2006.

Banking, insurance and securities supervisors enhance EU-wide co-operation

24 November 2005

The Committee of European Banking Supervisors (CEBS), the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) and the Committee of European Securities Regulators (CESR), (‘the Committees') signed on 24 November 2005, in Brussels, a joint protocol to foster co-operation and coordination in the areas of regulation, policy, information exchange and other tasks with a common interest. The three Committees are already closely cooperating on a very regular basis. The purpose of the Joint Protocol will be to build further on this cooperation by formalising the relationship between the Committees in a transparent manner.

Supervisory co-operation across financial sectors has become increasingly important with market integration and cross-sector business activity within the EU. Different stakeholders, such as the European Institutions – the Council, the European Parliament, the Commission; national members of the three Committees and market participants alike, have all voiced their concern that work done in one sector should be consistent with the work in the other financial sectors. The Committees agree to align their work where necessary and relevant and will, with the Joint Protocol, have effective tools to do so.

The practical objectives of the joint protocol are to (i) share information in order to ensure compatible sector approaches are developed; (ii) exchange experiences which can facilitate supervisors' ability to cooperate; (iii) produce joint work or reports to relevant EU Institutions and Committees; (iv) reduce supervisory burdens and streamlining processes; and (v) ensure the basic functioning of the three Committees develops along parallel lines.

The co-ordination and co-operation will be based on practical arrangements included in the joint protocol to support consistency between the Committees. The protocol defines the basic procedures for meetings and contacts, access to information, as well as indicating the areas of joint work anticipated and the way in which the dialogue between the Committees will take place to ensure new developments are taken into consideration. From 2006 the Committees will therefore start to adopt a yearly work programme to serve as a basis for common work and co-operation. The protocol will be published on the websites of all three Committees.

José María Roldán, CEBS' Chair, welcomed the joint protocol by saying: "In our Committees' work to promote convergence of practices and a more coordinated approach to supervision, it is crucial that we reflect the reality of today's financial markets, and prepare for tomorrow's developments. Transactions and risks increasingly extend across sectors as well as borders, and this joint protocol accordingly builds on existing cooperation between our Committees and commits us to even greater and deeper collaboration in the future. This presents our best chance to be successful in our efforts to ensure a level playing field and reduce unnecessary supervisory burdens for financial institutions."

CEIOPS' Chair, Henrik Bjerre-Nielsen said: "The cooperation based on the MoU will represent an added value also in developing new EU legislation –consistency in giving advice to the European Commission on the regulation of similar aspects across sectors will foster a fair financial market integration and minimise regulatory arbitrage."

Arthur Docters van Leeuwen, CESR's Chair: "Today's formal adoption of the protocol between our three sister Committees marks our commitment to "think European on a cross sector basis". That is, to broaden our sectoral views beyond building convergent supervisory approaches on a pan European basis, to identifying cross-sectoral solutions which reflect the synergies between sectors across Europe."

Joint CEBS and CESR call for evidence on commodities

18 January 2008

 

In December 2007 the European Commission issued a joint Call for Technical Advice related to the review under Articles 65(3)(a), (b) and (d) of MiFID and Article 48(2) of the CRD. CESR and CEBS are requested to deliver its technical advice by end-July 2008. In order to prepare this advice, CESR and CEBS are inviting all interested parties to submit their views regarding the Call for Advice from the Commission and especially in relation to the questions contained in its annex.

CEBS would like to point out that the purpose of CEBS work is not to duplicate the work of the Commission. Therefore there is no need to re-submit those responses which were sent to the Commission. All contributions can be submitted online via CESR's website under the heading Consultations at www.cesr.eu by 29 February 2008. All contributions received will be published on the CESR and CEBS websites unless specifically requested otherwise. 
CEBS today publishes a report on supervisory practices on large exposures

03 May 2006

CEBS has carried out a survey of member states competent authorities' implementation of the large exposures rules. The report provides a review of the different regulatory approaches and provides insights into the proposed manner of implementation of the new and old options in the Capital Requirements Directive and serves to point out where there are 'synergies and conflicts' of practice between national supervisory authorities.

Opinion on some amendments introduced in the Capital Requirements Regulation (CRR)

05 November 2012

The European Banking Authority addressed an Opinion to the Cyprus Presidency of the Council, the European Commission and the European Parliament regarding some amendments introduced in the Capital Requirements Regulation (CRR) in the Trilogue discussions.
Comments of the EBA to the ICANN on the planned Top Level Domain Names .bank and .fin

23 February 2012

In June 2011, the ICANN Board of Directors approved a ‘New Generic Top Level Domain Programme' that allows the implementation of additional gTLDs.  Under this programme new gTLDs such as ‘.bank' and ‘.fin' could be established and assigned to companies or individuals claiming to be financial intermediaries or banks.

The EBA has had the opportunity to examine the issue of the envisaged new Top Level Domains (TLDs) ending in ‘.bank' and ‘.fin' in detail and to discuss it in the latest meeting of its Board of Supervisors in December 2011. It has come to the conclusion that there are many supervisory concerns surrounding the operation of the proposed TLDs by the ICANN, relating mostly to the great potential, according to the EBA view, for misuse by unscrupulous individuals, and that, therefore, any plans for their operation should ideally be discontinued.

It is the view of the EBA that potential mitigating measures such as those which, we understand, are envisaged by the ICANN (creation of separate entity for the registration and control of these TLDs, or other technical ways to ensure the security of the system) do not necessarily mitigate the financial supervisors' concerns. The potential for consumers of financial services to over-rely on what might be perceived as ‘regulatory endorsement' of the companies operating under such TLDs is immense, and the risk for new types of fraud and ‘phishing' can be enormous. The same can be said of the danger for confusion regarding the operation of legitimate websites by ‘true' financial institutions and regulated entities. This could lead to the need for them to establish costly and complex legal or commercial initiatives in order to safeguard their trademarks from frauds and abuses. 

View the full text under related documents.